China’s efforts to diversify its sources of iron ore beyond Australia and Brazil look to have gone into reverse resulting in mixed results for different bulker types.
Imports of Indian iron ore fell to the lowest level in more than six and a half years in July at just 300,000 tons, according to Simpson Spence Young (SSY).
“Indian customs data shows a collapse in exports following the increase of the export duty on iron ore to 50% in May,” the broker said.
